Business Plan

What is Business Plan???

A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Most of the businesses fail because of no business plan or improper business plan.

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. When the existing business is to assume a major change or when planning a new venture – a 3 to 5 year business plan is required since investors will look for their annual return in the 3 to 5 year time.

Unfortunately, many people think of business plans only for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to priorities.

Benefits of Having a Business Plan

Entrepreneurs often ask, “Why do I need a business plan?”. Well, let’s put it this way. Do you want a successful business? Because, writing a well-thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. Running or starting a business without a business plan is like walking through the dark without a flashlight. You can probably go a long way using just your senses and relying on basic instincts. But operating in such a manner leaves you wide open to the risk that something will get in your way (like a competitor) and you probably won’t see it until it is too late. And just imagine all of the opportunities that are just waiting to be grasped – but without a flashlight, ah sorry – business plan, how will you see and take advantage of them?

The benefits of having a business plan include:
? Determine your break-even point
? Define your Enterprise objectives, operations, future, etc.
? Address various aspects of your products or services
? Understand your market, prospects, and other factors
? Determine your image, pricing, promotion and other strategies
? Analyze your competition
? Determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable.
? Providing an estimate of your start-up costs and how much you’ll need to invest or finance.
? Convincing investors and lenders to fund your business.
? Defining your target market (who your customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach.
? Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor’s weaknesses are and how you can take advantage of them).
? Defining corporate objectives and programs to achieve those objectives.
? Helping your business make money from the start by developing effective operational strategies.
? Understanding the risks involved and anticipating potential problems so you that can solve them before they become disasters.
? Setting a value on a business for sale or for legal purposes.

Expanded business plan outline

Here’s an expanded full business plan outline, with details you might want to include in your own business plan.
1.0 Executive Summary
1.1 Objectives
1.2 Mission
1.3 Keys to Success

2.0 Company Summary
2.1 Company Ownership
2.2 Company History (for ongoing companies) or Start-up Plan (for new companies)
2.3 Company Locations and Facilities

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